The bill introduces a new section, 736.10081, to the Florida Statutes, which outlines the process for a trustee to obtain a settlement of their accounts and be discharged under specific circumstances. It allows trustees who are in substantial compliance with their duty to inform and account to seek discharge after six months following their acceptance, either upon the termination of the trust or if they resign or are removed. To initiate this process, trustees must send a trust disclosure document to qualified beneficiaries and any cotrustee, detailing essential information such as the trustee's contact information, a plan of distribution, and a notice regarding the potential barring of claims if no objections are received within 60 days.

The bill also stipulates that if no timely written objections are received, the trustee will be discharged from all liability related to matters disclosed in the trust disclosure document upon completing distributions or transfers. Importantly, it clarifies that an objection does not need to specify grounds or follow a particular format. Additionally, a waiver of the right to object is treated as an expiration of the objection period. This new section applies to all irrevocable trusts or those that become irrevocable after the bill's effective date, enhancing the clarity and efficiency of the trustee discharge process.